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How millionaires spend their money this holiday season

Pedestrians view holiday windows at flagship department store Saks Fifth Avenue in New York, on Thursday, December 2, 2021.

Christopher Occhicone | Bloomberg | beautiful pictures

Despite supply chain disruptions and inflationary issues, retail trade groups and industry watchers are forecasting record sales this holiday season.

But the majority of millionaires (68%) surveyed in CNBC’s Millionaire Survey said they will spend the holiday like last year. Furthermore, the largest percentage of millionaires said they would spend less than $2,500 this holiday season, significantly lower than in 2019.

Here are a few ways millionaires said they’ll spend their money this holiday season.

Smaller amount

When it comes to how much millionaires are expected to spend this holiday season, the largest percentage (29%) said they would spend between $1,000 and $2,499, up slightly from 28% last year. but down from 34% in 2019.

Smaller sums – from $0-$499 to $500-$999 – were down slightly from 2020 but still higher than what was recorded in 2019. For example, 26% of millionaires said they would spend between $0-$499 this year, compared with 27% last year and 19% in 2019.

The percentage of people who said they were planning to spend more than $25,000 rose one percentage point from last year to 4%, up from 2% in 2019.

More from the CNBC Millionaire Survey

Across the board, 68% of millionaires said they would spend the same as last year, while 12% said they were spending less and 21% said they were spending more.

Of the millionaires who say they will spend more this year, at least 10% or more, 39% of them are millennials.

Supply chain issues, inflation and spending

Inflation and supply chain problems have hampered holiday shopping, and millionaires say they’re feeling the crunch, too.

More than a quarter (28%) of millionaires said they would give more gift cards this year and fewer tangible gifts because of possible shortages and disruptions in the supply chain, while 33 % said they did their holiday shopping earlier because of it.

Seven percent of millionaires said they would give fewer gifts this year due to inflation.

20% said they would increase charitable contributions this year, while 7% said they would increase spending and donations this year after struggling last year due to the pandemic.

Who are rich people spending?

Perhaps unsurprisingly, the age of millionaires strongly influences who they plan to spend the most on this holiday season.

For millennium millionaires, 32% said they would spend the most on children, 26% said they would spend the most on their spouse, and 19% said they would spend the most for yourself.

Meanwhile, 27% of child millionaires said they spend the most on grandchildren, 24% on children, 24% on spouses and 3% on themselves.

https://www.cnbc.com/2021/12/18/how-millionaires-are-spending-their-money-this-holiday-season.html How millionaires spend their money this holiday season

Emma James

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